|
|
|
|
|
|
|
|
|
|
| IHG Insurance (National Insurance Provider) |
| Providing Community Association Insurance for over 25 years: D&O Liability, Crime Products, Umbrella Coverage and Property Manager's Errors & Omissions Liability. |
|
|
|
|
|
|
| You are not authorized to post a reply. |
|
|
| Author |
Messages |
|
LisaP
(Florida)
Posts:32
 |
| 08/14/2006 10:24 AM |
|
| Anyone have any creative ways to offset an assessment (or at least the large toll and monetary figure)? |
|
|
|
|
JosephW
(Michigan)
Posts:788
|
| 08/15/2006 3:19 PM |
|
Do you want to clarify that a little more? Are you an owner stuck with paying a large sudden assessment? Or a board member dealing with a budget shortfall?
Joe |
|
Joseph West
Official HOATalk.com Sponsor
Community Associations Network, LLC
www.CommunityAssociations.net
*See legal notice below (end of page) or go to www.hoatalk.com/legal |
|
|
LisaP
(Florida)
Posts:32
|
| 08/15/2006 5:42 PM |
|
Hi, Joe:
Essentially, both. The owners, including myself, will need to pay a sudden and large assessment due to a budget shortfall.
Thanks,
Lisa |
|
|
|
|
JosephW
(Michigan)
Posts:788
|
| 08/15/2006 6:49 PM |
|
If the money is due immediately, then either the association or the owner may have to borrow it. Your documents should spell out the requirements for the association borrowing funds. There are a number of institutions that specialize in lending to HOA's. Click on the Community Associations Network link to the right. The NCB ad in the left column and the banking list in the service directory will give you a list of banks to talk to. This would then allow the owners to pay off the loan in installments, spread over a reasonable period of time.
If the money isn't due immediately, or if the board doesn't opt for a loan, they should come up with a reasonable payment program, or be willing to work with individual owners on an installment-type program.
Failing all of that, the owner may be stuck financing their share on their own. That should only be a last resort, after all other methods have been tried.
Joe |
|
Joseph West
Official HOATalk.com Sponsor
Community Associations Network, LLC
www.CommunityAssociations.net
*See legal notice below (end of page) or go to www.hoatalk.com/legal |
|
|
LisaP
(Florida)
Posts:32
|
| 08/17/2006 6:11 AM |
|
| Thanks, Joe. :-) |
|
|
|
|
BradP
(Kansas)
Posts:1742
|
| 08/17/2006 7:30 AM |
|
Lisa:
I agree with what Joe said, but more importantly why is there a budget shortfall? Was there unexpected expenses? Can you trim some fat out of your budget. The only problem with loans is you are paying for something tomorrow that was done yesterday instead of paying tomorrow for something in the future. |
|
|
|
|
JulieS
(Georgia)
Posts:412
|
| 08/17/2006 7:33 AM |
|
| Do you have an initiation fee? This is something that could be implemented to help build a reserve fund for future expenses. |
|
|
|
|
|
| You are not authorized to post a reply. |
|
|
General Legal Notice: The content of forum messages are from the posting member and have not been reviewed nor endorsed by HOATalk.com. Messages posted by HOATalk or other members are for informational purposes only, are not legal or professional advice and do not constitute an attorney-client relationship. Readers should not act upon this information without seeking professional counsel. HOATalk is not a licensed attorney, CPA, tax advisor, financial advisor or any other licensed professional. HOATalk accepts ads from sponsors but does not verify sponsor qualifications nor endorse/guarantee any sponsor's product or service.
HindmanSanchez Legal Notice: (For messages posted by HindmanSanchez) This message has been prepared by HindmanSanchez for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Members of HOATalk.com should not act on this information without seeking professional counsel. Please do not send us confidential information unless you speak with one of our attorneys and get authorization to send that information to us. If you wish to initiate possible representation, please contact an attorney in our firm. Our attorneys are licensed to practice law in the state of Colorado only.
Legal Notice For Messages Posted by Sponsoring Attorneys: This message has been prepared by the sponsoring attorney for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Readers of HOATalk.com should not act on this information without seeking professional counsel. Please do not send any sponsoring attorney confidential information unless you speak with the sponsoring attorney or an attorney from the sponsoring attorney’s firm and get authorization to send that information to them. If you wish to initiate possible representation, please contact an attorney in the firm of the sponsoring attorney. Sponsoring attorneys that post messages here are licensed to practice law in a specific state or states as indicated in their message signature or sponsor’s profile page. (NOTE: A ‘sponsoring attorney’ is an attorney that is a HOATalk.com official sponsor and is identified as such in the posted message or on our sponsor page.)
|
|
|
|
|
|
|
|